China News Service, Beijing, October 22 (Reporter Wang Enbo) In response to the huge economic shock brought about by the epidemic, countries around the world have introduced large-scale fiscal and monetary stimulus measures, hoping to get out of the predicament as soon as possible.
However, Zhu Guangyao, the former vice minister of China's Ministry of Finance, stated in Beijing on the 22nd that the V-shaped rebound that all parties had expected has not appeared, and the current global economy is showing a rare K-shaped recovery after World War II.
What is K-type recovery?
When Zhu Guangyao attended the 2020 Financial Street Forum annual meeting that day, he pointed out that this type of recovery has four outstanding characteristics.
First, the economic growth trend between regions and countries shows a K-shaped differentiation.
For example, the latest report of the International Monetary Fund predicts that the global economy will shrink by 4.4% in 2020.
Among them, the US economy shrank by 4.3%, the Eurozone economy shrank by 8.3%, and China will become the only country with positive growth among the world's major economies.
Second, the separation of the performance of the real economy and financial markets is very obvious, especially in the United States.
Zhu Guangyao mentioned that the digital economy has developed by leaps and bounds during the crisis. The turnover and profits of some large technology companies have risen sharply, and the performance of stocks has been outstanding. This is why the US Nasdaq market has reached a record high in the epidemic. An important reason.
Third, the scissors gap in income distribution is more prominent.
This is especially reflected in the sharp convergence of capital to one end, especially the sharp increase in the profits of high-tech companies, and the epidemic has dealt a major blow to poor countries, especially low- and middle-income groups.
How to stabilize the economy, keep the main players in the market, and keep residents' employment is a major challenge facing all countries.
Fourth, the K-shaped gap in global governance is also very obvious.
Zhu Guangyao said that the global governance deficit was already serious before the epidemic, and how the voices and demands of developing countries can be properly expressed is a challenge.
"It is time to return to the major policy framework of international cooperation." He believes that the current key is that major countries must adhere to peaceful coexistence, open cooperation, multilateralism, dialogue and consultation, and handle the challenges facing the current international governance system to ensure the global economy. Back to the direction of healthy development.
(Finish)